Tungsten prices remain at historic levels on the global market, driven by restrictions imposed by China on exports of the metal and its derivatives. Ammonium paratungstate (APT), the main intermediate compound, trades close to US$1,944 per 10 kg of pure WO3 in recent international transactions. Esse value reflects a 41% increase since the beginning of February, fueled by the tightening of Chinese exit control policies. The perception of global scarcity sustains the increase even after the period of lower commercial activity in the Ano Novo Lunar.
China, responsible for more than 75% of global tungsten production, adopted stricter licensing measures for exports starting last year. The rules require approvals on a case-by-case basis, which has significantly reduced the volume sent abroad. Setores strategic sectors such as aerospace, defense and high-precision tool manufacturing face increasing difficulties in securing stable supplies at predictable prices.
Chinese controls reduce global flow
Chinese authorities have implemented tighter quotas for tungsten mining and exports since the beginning of 2025. Essas limitations have cut exports of certain products by up to 40% compared to previous years.
Domestic production also underwent adjustments, with a reduction of around 6% in annual extraction quotas. Essa contraction in upstream supply puts pressure on the entire supply chain on a global scale.
International prices register a strong rise
APT quotes in Europa and Estados Unidos exceed US$ 2,000 per metric unit in recent references, more than doubling compared to the beginning of the year in some contracts. The combination of limited supply and steady demand from critical industries explains the upward movement.
Consumers seek to diversify origins, but the Chinese predominance makes the process time-consuming and expensive. Reduced Estoques in several regions contribute to greater volatility in spot prices.
Industrial sectors face cost pressure
Tungsten is essential in high-hardness alloys, armor-piercing ammunition and semiconductor components. The significant increase in prices compresses the margins of companies that are still unable to fully transfer costs to end customers.
Manufacturers accumulate preventative stocks to protect future operations. Essa strategy reinforces demand in the short term and keeps purchasing pressure high.
Uptrend persists in the Chinese market
Even after the Ano Novo Lunar holiday, domestic prices in China remain firm, with APT quoted at levels equivalent to more than RMB 1.5 million per ton in recent negotiations. Rigidity in domestic supply continues to support the upward movement.
The initial rally, seen by some as overheating, has consolidated into a more structural trend. Fatores geopolitical and strategic aspects reinforce the maintenance of current restrictions.
Search for alternatives gains strength
Mining projects in other regions attract investment to reduce dependence on China. However, the time needed to develop new capabilities limits any immediate relief in global supply.
The balance between expanding industrial demand and controlled supply should keep prices at high levels in the coming months. The market is closely monitoring possible changes in Chinese export policies.